Investing

Short Term Strategy

  • Last Updated:
  • May 14th, 2020 5:01 pm
[OP]
Member
User avatar
Feb 11, 2017
313 posts
249 upvotes
Ottawa

Short Term Strategy

I currently have the following.

RRSP: Questrade, VGRO ETF (all-in-one 80-20 stocks/bonds ETF, max contribution filled).
TFSA: Balanced Wealthsimple account (I only have 5k here)
RESP: Growth Wealthsimple account.

I own a house and was planning to potentially buy another property in 3-5 years time.

The plan was to just continue saving money in the TFSA and use that as a down payment. With all the craziness happening now, and since I might need this money in 3-5 years time, I am starting to think that it makes sense to open TFSA HISA (I see 1.9% available in some places) and move the wealthsimple TFSA money there and start saving in that account. I don't know if it matters but I have about 65k in contribution room for a TFSA that I can comfortably fill over the next 3 years. Or should I just start piling on in the WS TFSA and hope the markets pick up in that 3 year time frame? I think the first option is more sound but wanted to see what the smart people here on RFD would do.

Thank you!
1 reply
Deal Addict
Dec 3, 2014
2326 posts
1776 upvotes
Ontario
Ah1800 wrote: I currently have the following.

RRSP: Questrade, VGRO ETF (all-in-one 80-20 stocks/bonds ETF, max contribution filled).
TFSA: Balanced Wealthsimple account (I only have 5k here)
RESP: Growth Wealthsimple account.

I own a house and was planning to potentially buy another property in 3-5 years time.

The plan was to just continue saving money in the TFSA and use that as a down payment. With all the craziness happening now, and since I might need this money in 3-5 years time, I am starting to think that it makes sense to open TFSA HISA (I see 1.9% available in some places) and move the wealthsimple TFSA money there and start saving in that account. I don't know if it matters but I have about 65k in contribution room for a TFSA that I can comfortably fill over the next 3 years. Or should I just start piling on in the WS TFSA and hope the markets pick up in that 3 year time frame? I think the first option is more sound but wanted to see what the smart people here on RFD would do.

Thank you!
I think there's a middle ground you may be overlooking. What about switching over to something like VBAL to mitigate some volatility.

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